- Entourage Health Corp. (ENTG) has amended and upsized its existing credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (LPF)
- The company added $8.9 million in non-dilutive funding availability
- Net proceeds from the credit facility will be used by Entourage to repay the debentures and for general working capital purposes
- The credit facility continues to bear an interest rate of 15.25 per cent with the option
- Entourage Health Corp. is the publicly traded parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.) and CannTx Life Sciences Inc
- Entourage Health Corp. was down 15.385 per cent, trading at $0.055 at 11:55 AM ET
Entourage Health (ENTG) has increased its existing credit facility with an affiliate of the LiUNA Pension Fund of Central and Eastern Canada (LPF).
The company added $8.9 million in non-dilutive funding availability.
Entourage will use the net proceeds from the credit facility to repay the debentures and for general working capital purposes.
Entourage has announced amendments to the trust indenture dated September 25, 2019, between TSX Trust Company and the company governing the company’s 8.5 per cent unsecured convertible debentures.
As a result of the debenture amendments, the maturity date for the debentures has been amended to June 30, 2022.
Entourage has received consent for each of the amendments from its senior lender under the company’s senior secured credit facility entered into on March 29, 2019.
The credit facility continues to bear an interest rate of 15.25 per cent with the option, at the company’s discretion, to capitalize interest instead of cash payments and is set to mature in August 2022.
The credit facility is secured by the company’s assets and its subsidiaries, including the company’s production facilities, and contains customary financial and other covenants.
Entourage Health Corp. is the publicly traded parent company of Entourage Brands Corp. (formerly WeedMD RX Inc.) and CannTx Life Sciences Inc., licence holders producing and distributing cannabis products for both the medical and adult-use markets.
Entourage Health Corp. was down 15.385 per cent, trading at $0.055 at 11:55 AM ET.
